2. Peter and Lois, Ine, experienced the following transactions during May, 2018. Prepare the ctions entries, in good form, to record these transactions. May 3 Purchased $80,000 of inventory, paying 40% in cash and the balance on account. 8 11 Paid monthly rent $2,800. Purchased equipment for S100 000, paying 75% in cash and signing a note for the 15 21 25 28 29 30 balance Performed services for $30,000 cash. Purchased a 2-year insurance policy for $8,000. Paid $6,000 on account. Collected $9,000 in accounts receivable. Issued an additional 1,000 shares of common stock for $12,000. Paid utilities for $1,500